Developing Enduring Trust in the Construction Risk and Surety Industry

Nina ConnerNews

Posted by David Bradbury, AssuredPartners

Throughout history, all enduring progress in our world began with a vision, was refined by a concept, and was created based on a solid foundation, teamwork, and a plan to grow and prosper.

Along the way, our industry has learned the valuable lesson that interdependent and interdisciplinary relationships, earned trust, and adherence to solid core values, ethical standards, and consistently adopting innovative construction and risk solutions, become the necessary foundation for sustaining success in the 21st century.

To that end, contractors today require much more than traditional insurance, surety, risk management and claims services from their broker. The complexities of the present construction environment demand the engagement and services of a professional business partner/broker who will make the necessary investment in understanding the contractor’s operational and multi-year strategic plan, immerse themselves in the organizational culture, understand both the needs and the strengths of the leadership team, is willing to leverage their experience, expertise, and outside professional relationships to inform clients of emerging industry trends and offer progressive, yet practical, recommendations to assist in effectively managing their risks.

Contractors operating in the “Post Pandemic” era find themselves evaluating a plethora of opportunities for growth, as federal, state, and local government spending ballooned on funding for infrastructure, schools, healthcare, transportation, and community development projects. Simultaneously, private spending pushed by demographic trends including continuing care retirement communities, housing, manufacturing, and IT, have coupled to create the greatest expansionary influence in this country since WWII.

This historic opportunity also comes with inherent risks for which a true professional partner can provide sage and valuable insight. Among these are:

Economic Risks:

  • Supply Chain Interruption
  • Materials and Distribution delays
  • Inflation and Project Cost creep
  • Rapidly changing economic factors
  • Human and Financial Capital constraints

Jurisdictional Risks:

  • Defective Construction and treatment “as occurrence”
  • Third Party “over actions”
  • Statutory Lien Law Provisions
  • Quality/Dependability of Subcontractors & Supply Chains
  • Owner/Obligee Relationships (pre-disposed relationships)
  • Work Ethic and Culture

Are you receiving the latest industry insights, emerging contracting trends, valuable benchmarking resources, and thought leadership on data digitalization and interconnectivity from your broker? Our team combines extensive expertise in construction and surety to assist you in efficiently navigating your evolving risks. In the present business landscape, we prioritize establishing genuine and long-lasting “partner relationships” with our Construction and Surety clients.

Take the first step towards driving your business forward by contacting AssuredPartners Construction & Surety. Together, we will navigate the evolving landscape, minimize risks, and maximize your success.